Harry Potter, the Boy Who Lived.
We’ve sat on the edge of our seats, following his adventures for more than a decade.
Click here to see six personal finance lessons you can learn from Harry Potter >
But now that the our favorite seven Harry Potter books and anticipated eight movies are officially over, it's hard not to feel like it's the end of an era.
Rather than wallowing away in the end of something wonderful, we can ask ourselves what there is to learn from Harry's timeless adventures.
Even in his youth, he dealt with investing, choosing the right bank, and the responsibility of dealing with a generous inheritance. Don’t remember J.K. Rowling using that financial terminology? You just have to read between the lines. Follow along to read six financial lessons that we learned from our very own biz wiz, Harry Potter.
Click here to see six personal finance lessons you can learn from Harry Potter >
#1: Find a safe bank for your galleons.
Gringott’s Wizarding Bank, where most magical folk stash their savings, is owned and operated by goblins. Its main offices are located in Diagon Alley and—according to our lovable giant friend Hagrid—Gringotts is the safest place in the Wizarding World.
What can we, mere Muggles, learn from this bank? More than a few things.
For starters, it’s best to keep your money in an FDIC insured account. Make sure your cash is safely tucked away in a vault that is untouchable by anyone except you. All threats of identity theft should be closely monitored, so be sure to stick primarily to one branch. If you visit often enough, it will be easier for your personal banker or teller to spot an imposter (like when Hermione tried—somewhat successfully—to pass as Bellatrix Lestrange).
Even if your local bank doesn’t have an underground rollercoaster to access vaults, a fire-breathing dragon, or a multiplying gold charm, be sure to go to a bank that keeps your finances secure.
#2: Don't give up on your small business dream.
We’ve all heard the “If you have a job you love, you’ll never work a day in your life” expression. And what better characters to exemplify this life lesson than Fred and George Weasley?
These twins went a long way to make their dreams of owning a prank store a reality. They start off small—advertising their aging spells and fireworks across Hogwarts. Then, by the sixth book, the infamous boys launch their successful dream business, “Weasleys' Wizard Wheezes.”
If your own small business would make your life bright, keep in mind that sometimes to achieve greatness, you have to start with a bang. Like, say, a free giveaway of popping fireworks! Giveaways are a great way to promote your product.
The twins gain a lot of recognition and cheer, and Gryffindor students react by demanding their attention-grabbing pranks.
Muggle lesson learned: start small, promote wide, dream big.
#3: Find a trustworthy investor.
The Weasleys got the money for their shop from loyal pal Harry Potter, who donated 1,000 Galleons of his Triwizard Tournament winnings.
Because Harry gave them their start-up loan, Fred and George allowed him to help himself to as many love potions, pimple banishers, and extendable ears that he liked, free of charge. They do ask Harry, as well as Ron and Hermione, to help spread word of their shop around the castle.
This form of word-of-mouth advertising, especially from your investors, is essential to operating a successful new business. So remember, if you’re looking for someone to invest, find someone you trust—who believes in the success of your business.
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